Published: 2024-11-20T16:30:02.000Z
Chart USD/CAD Update: Limited gains - daily studies under pressure
Senior Technical Strategist
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The test of support at the 1.3958 weekly high of 1-6 November has given way to a fresh bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | historic congestion | S1 | 1.3958 | * | 1-6 Nov (w) high | ||
| R3 | 1.4173 | * | May 2020 high | S2 | 1.3900 | * | congestion | |
| R2 | 1.4100/05 | * | historic cong; 15 Nov YTD high | S3 | 1.3850 | * | congestion | |
| R1 | 1.4000 | * | figure | S4 | 1.3817 | ** | 6 Nov (w) low |
Asterisk denotes strength of level
16:20 GMT - The test of support at the 1.3958 weekly high of 1-6 November has given way to a fresh bounce, as oversold intraday studies unwind, with prices once again pressuring 1.4000. A test above here cannot be ruled out, but negative daily readings are expected to limit scope in renewed selling interest beneath strong support at 1.4100/05. Following cautious trade, fresh losses are looked for. A later close below 1.3958 will extend November losses towards congestion around 1.3900, where by-then oversold daily stochastics could prompt fresh consolidation.